Solimar Announces Closing of Private Placement

MELBOURNE, AUSTRALIA -- (Marketwired) -- 02/20/14 -- Solimar Energy Limited ("Solimar" or the "Company") (ASX: SXS)(TSX VENTURE: SXS) is pleased to announce that, further to its previous announcements dated January 31, 2014 and February 3, 2014 concerning a non-brokered placement, it has issued a total of 9,335,385 units ("Units") at a price of C$0.065 per Unit for aggregate gross proceeds of $606,800 (the "Offering"). Each Unit is comprised of one (1) ordinary share of Solimar ("Share") and one half of one (0.5) right ("Right"). Each Right, upon receipt of approval by the shareholders of Solimar, entitles the holder to receive one warrant ("Warrant") to purchase one (1) Share at an exercise price of $0.065 for a 24 month period following closing.

Pursuant to the Offering, Canacol Energy Ltd. (the "Subscriber") purchased an aggregate of 4,720,000 Units for aggregate consideration of $306,800. Immediately following completion of the Offering, the Subscriber had beneficial ownership of, and control and direction over, an aggregate of 5,516,054 Shares, or approximately 9.64% of the Shares outstanding. Immediately following completion of the Offering, the Subscriber also had beneficial ownership of 796,054 warrants. If such warrants are all exercised, the Subscriber would have beneficial ownership of, and control and direction over, 6,312,108 Shares, or approximately 10.88% of the Shares outstanding. If and when the shareholders of Solimar approve the conversion of the Rights to Warrants under the terms of the Offering, and if all such Warrants held by the Subscriber are exercised in addition to the 796,054 warrants currently held, the Subscriber would have beneficial ownership of, and control and direction over, 8,672,108 Shares, or approximately 14.37% of the Shares outstanding.

The Subscriber acquired the Units for investment purposes. The Subscriber intends to review its investment in Solimar on a continuing basis. Depending on various factors including, but not limited to, Solimar's financial position, the market price of the Shares, conditions in the securities markets and general economic and industry conditions, the Subscriber's business or financial condition and other factors and conditions the Subscriber deems appropriate, the Subscriber may in the future take such actions with respect to its investment in Solimar as the Subscriber considers appropriate. The Subscriber may in the future acquire ownership of, or control and direction over, further Shares. The Units were acquired by the Subscriber pursuant to an exemption from the prospectus requirement of applicable securities legislation at Section 2.3 of National Instrument 45-106, based on the net asset value of the Subscriber.

Securities issued are subject to a four-month hold period expiring June 1, 2014 and June 20, 2014, respectively, in accordance with applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CIO, CTO & Developer Resources

Reader Advisory: Forward-looking statements

This news release contains forward-looking information relating to the private placement, planned development and exploration activities on the properties in which the Company has interests, and other statements that are not historical facts. Such forward-looking information is subject to important risks, uncertainties and assumptions. The results or events predicated in this forward-looking information may differ materially from actual results or events. As a result, you are cautioned not to place undue reliance on this forward-looking information.

Forward-looking information is based on certain factors and assumptions. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking-information is subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what is currently expected. These factors include risks associated with the private placement, risks associated with instability of the economic environments in which the Company operates or owns interests, oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, incorrect assessment of the value of acquisitions, failure to realize the anticipated benefits of acquisitions, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, reliance on key personnel, regulatory risks and delays, including risks relating to the acquisition of necessary licenses and permits, environmental risks and insurance risks.

You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, the Company is under no obligation and does not undertake to update this information at any particular time, except as required by law.

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